Many businesses have experienced disruption caused by the pandemic, COVID-19. From supply chain interruptions, cash flow challenges, to labour shortages. What businesses need to do now is to find ways to reimagine the business environment once the pandemic is over or under control. This article will provide a high-level overview of business aspects that you might want to consider to help with your covid-19 recovery plan.
Assess your business pre and post COVID-19
The most important step to create your post covid-19 recovery plan is to perform an assessment on how COVID-19 has had an affect on your business from product offerings, operational processes and procedures, team structure, financial strength, customer segments etc. Let’s explore two business areas namely your people and your sales and marketing strategy based on your product/service offering.
Your team structure and the mood
You may have been forced to restructure your business, or even had to let a few people go. What does your team look like now? Are they worried or unhappy? Ensure that you regularly communicate the business direction with your team to reduce any uncertainty. Create an open-door policy to allow your team to discuss any concerns that they may have.
Based on the revised business plan, analyse resource requirements and plan for hiring accordingly to help you achieve your covid-19 recovery plan.
Sales and marketing strategy
By asking the questions below, you may be able to assess if any changes are required to your sales and marketing strategy.
- Were you able to take advantage of the changes and introduce a new product or service?
- Do you plan to roll out any new products/services in the near future?
- Has your customer segment changed in any way?
- How are you approaching your leads and customers?
- How are you delivering your product/service to your customer now?
Identify which changes are/will be temporary, and which changes are/will be permanent? Adjust your business plan accordingly. You may consider a phased approach, where we are today and where you foresee your business over the next 12 months.
Financial injection to boost the growth
We all hope that once the economy jump starts, your business will be on track to recovery and growth again. Assess your projected business growth and understand your cash flow position. This will help you identify any funding gaps and if you may require a finance facility to close these gaps.
Invoice Financing is a finance product that allows you to draw down immediate funds against your outstanding customer invoices. At InvoiceInterchange, we offer a fully flexible facility with no contract lock-ins. Your business can draw funds as and when you need to. With this financial tool, you will be able to obtain the additional cash injection and control the boost in funding exactly when you need it.
Continue to monitor your business recovery
Last but not least, continue to monitor your business closely. There are many uncertainties around when restrictions can change due to COVID-19. By keeping your finger on the pulse, your business will become more resilient and be well placed to cope with future challenges.